AmeriTrust Financial Technologies (AMT) Q2 2024 earnings summary

Executive summary

• Report covers the three and six months ended June 30, 2024, with all figures in Canadian dollars.

• Unaudited interim results show a net loss of $853,881 for the six months, a significant improvement from a $14.3 million loss in the prior year period.

• Q2 2024 revenue was $542,166, up from $497,549 in Q2 2023 but down from $627,332 in Q1 2024, mainly from servicing the existing lease portfolio.

• Adjusted EBITDA loss decreased in Q2 2024 despite lower revenue, reflecting ongoing cost management and stable operating expenses.

• Cash on hand at June 30, 2024 was $2,220,567, up from $1,934,209 at March 31, 2024.

Financial highlights

• Six-month revenue declined to $1,169,498 from $1,336,242 year-over-year.

• Net loss for the six months was $853,881, compared to $14,284,555 in the same period last year.

• Q2 2024 gross profit was $230,943, up from $70,013 in Q2 2023 but down from $337,034 in Q1 2024.

• Operating expenses decreased to $3.66 million from $6.52 million year-over-year.

• Adjusted for a $2.5 million provision reversal on lease contracts, other income improved results.

Outlook and guidance

• Management anticipates the need for additional financing within the next three months to support ongoing operations.

• Management continues to focus on cost management and maintaining minimal operating expenses to support planned growth.

• No formal forward-looking revenue or earnings guidance provided.

• Forward-looking statements caution that actual results may differ materially due to various risks and uncertainties.